Bitcoin Rallies on Middle East Peace Deal, Hits Two-Week High

Bitcoin surged to its highest level in nearly two weeks after the US and Iran reached an agreement to end hostilities and reopen the Strait of Hormuz. The original cryptocurrency rose by almost 3% in early Asia trading on Monday, reaching $65,400 at 9:30 a.m. Singapore time.

Ether, the second-largest token, also saw significant gains, increasing by as much as 3.7% to $1,731. Smaller tokens like Solana and XRP experienced even larger price increases.

The market rally comes after recent turmoil, which had seen Bitcoin dip below $60,000 and hit its lowest level since October 2024. The selloff was partly fueled by Michael Saylor's Strategy selling a small portion of its holdings and significant outflows in exchange-traded funds.

Pratik Kala, a portfolio manager at Apollo Crypto, noted that the key level to watch for Bitcoin is $67,000, which has a confluence of factors including volumes and moving averages. However, the Strategy risk has not been cleared, but the market seems to be overlooking it.